Arrow Electronics (ARW) FY2021 results: revenue $34.5 billion, up 20.2% on the year

Arrow Electronics, Inc. (ARW) reported revenue of $34.5 billion for fiscal 2021, the year ended 31 December 2021, up 20.2% on the year before. Net income was $1.1 billion, up 89.6%, and diluted earnings per share $15.10. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2022.

Revenue

$34.5 billion

+20.2% on the year

FY2014FY2021

Operating margin

4.5%

3.1% a year earlier

FY2014FY2021

Net income

$1.1 billion

+89.6% on the year

FY2014FY2021

Diluted EPS

$15.10

+103.2% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	34,477	28,673	28,917	+20.2%
Cost of revenue	30,275	25,482	25,618	+18.8%
Gross profit	4,202	3,191	3,298	+31.7%
Gross margin	12.2%	11.1%	11.4%
Selling, general and administrative	2,435	2,087	2,192	+16.7%
Operating income	1,557	895	108	+74.0%
Operating margin	4.5%	3.1%	0.4%
Pre-tax income	1,436	n/a	n/a
Income tax	326	173	88.3	+88.6%
Effective tax rate	22.7%	n/a	n/a
Net income	1,108	584	-204	+89.6%
Net margin	3.2%	2.0%	-0.7%
Diluted EPS	$15.10	$7.43	-$2.44	+103.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	419	1,360	858	-69.2%
Capital expenditure	83.1	124	143	-32.8%
Free cash flow	336	1,236	715	-72.8%
Free cash flow margin	1.0%	4.3%	2.5%
Cash from investing	-60.1	-139	-174
Cash from financing	-463	-1,227	-906
Depreciation and amortisation	195	189	190	+3.2%
Share-based compensation	36.1	35.3	41.1	+2.3%
Buybacks	912	484	404	+88.4%
Diluted shares, weighted	73m	79m	84m	-6.7%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	5,282	5,089	4,812	+3.8%
Non-controlling interest	58.6	59.6	54.5	-1.8%
Debt	2,627	2,257	2,972	+16.4%
Operating lease liabilities	222	261	252	-14.9%
Other liabilities	11,346	9,388	8,311	+20.9%
Total liabilities and equity	19,536	17,054	16,401	+14.6%
Fixed assets	683	800	803	-14.6%
Goodwill	2,080	2,115	2,061	-1.7%
Intangible assets	195	234	272	-16.6%
Cash and equivalents	222	374	300	-40.5%
Receivables	11,124	9,205	8,483	+20.8%
Inventory	4,202	3,287	3,477	+27.8%
Other assets	1,029	1,039	1,005	-0.9%
Total assets	19,536	17,054	16,401	+14.6%

10-K for the year ended 31 December 2021, filed 11 February 2022: the filing.